Torus, a distributed private key management, and decentralized application (DApp) onboarding solution, has announced it recently raised $2 million led by Multicoin Capital with participation from Binance Labs, Accomplice, Coinbase Ventures, Sixth Horizon, and Terminal.
The Torus system enables users to start making use of blockchain applications using familiar authentication methods such as Google or Facebook login. The primary goal is to allow any digital identity to be a valid cross-platform identifier, allowing users to bring their digital identities with them to any application on the Internet.
The distributed key management system was developed to provide users of all skills and backgrounds with a user-friendly authentication method. Users do not need to manage private keys, nor do they need to set up complicated recovery seeds or install browser extensions. Instead, Torus was designed by leveraging existing user authentication methods to secure private keys, and to complement existing UX experiences already familiar to users.
Torus provides developers with a backward-compatible web3 interface ensuring the seamless login through integrating a single script tag into their DApp. Moreover, Torus’s native browser functionality comes with built-in mobile support, providing users with access to DApps across platforms and devices without any additional hardware or installation.
“Looking back to our first hackathon, we sought to eradicate complicated tools and make the authentication procedure simple and straightforward for both users and developers. If history has taught us anything, it’s that if something is hard to integrate developers will refuse to use it. We launched our test net earlier this year and recently opened up our public beta for Ethereum-based DApps at ETH New York. We’re heads down and building aggressively. We’ll be supporting more smart contract platforms very soon starting with EOS and Tron next. Completing this financing round enables us to grow our team, accelerate development, and polish the on-ramp for users onto decentralized systems. We hope that you join us on our journey and integrate Torus into your next big DApp.”
– The Torus Team